An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Russians demand help with rocketing mortgages as rouble slides

* Russian rouble down over 40 percent against dollar this year

* Cost of foreign-currency mortgages has soared

* Putins popularity remains high, despite currencys slide

By Gabriela Baczynska and Elena Fabrichnaya

MOSCOW, Dec 12 (Reuters) - About 100 Russians who have seen their mortgage payments rocket due to the plunge in the value of the rouble took to the streets of central Moscow on Friday to demand state help.

It was one of the first significant protests over the currency, which has fallen more than 40 percent against the US dollar this year, pushing up the cost not only of imported goods but also of the low-interest foreign-currency mortgages that the protesters...

Guernsey businesses can accelerate with Barclays

Barclays and Techstars have opened the application process for the second cohort of their prestigious Accelerator programme, which will give a further 10 businesses the chance to shape the future of financial services.

The Barclays Accelerator, powered by Techstars, is a 13-week intensive startup programme designed to support new businesses on their journey to delivering breakthrough innovations.

It follows the conclusion of the first cohort in September this year which saw a range of innovative ideas being pitched to an audience of potential investors, including a new credit scoring system and a new peer-to-peer lending platform that is designed to revolutionise the home-buying...

Credit Score 101 ensures better financial future

You probably carry around credit cards or took out a loan for a major purchase at least once. As a result, you also carry around a credit score - a nebulous number you definitely cant take for granted. Here are some common facts about credit scores and ideas of how to give yours a turbo boost.

The most commonly used credit score comes from the Fair Isaac Corp. (FICO) and is vital to your financial health. FICO bases scores on such areas as your payment history, current debt, types of credit used, length of credit history and new credit. According to the companys measure, scientific analysis and calculation, the highest score is 850.

Congratulations if you are at that level. Most...

Canada Household-Debt Ratio Hits Record as Mortgages Rise

Canada's ratio of household debt to disposable income rose to a record between July and September, adding fresh evidence of what the central bank has called the biggest domestic risk to the economy.

Credit-market debt such as mortgages rose to 162.6 percent of disposable income, Statistics Canada said today in Ottawa. The second-quarter figure was revised to 161.5 percent from an initial 163.6 percent.

Bank of Canada Governor Stephen Poloz last week said that indebted households facing a potential drop in real-estate prices represent the biggest risk to the country's financial system.

"It will be years before they are more comfortable on this front," Benjamin Reitzes,...

Paul Stringer, Managing Director at Norton Finance

We spoke to Paul Stringer, Managing Director of Norton Finance, about the future of secured lending regulation and new products for 2015.

FR: What do you think makes Norton stand out from the crowd within the industry?

We have a much larger range of lenders on our panel than most of our competitors. We also have our own lending facility, Norton Home Loans, which maximises conversion rates for our introducers through greater flexibility.

We offer other financial products to customers to increase the introducers revenue and find the right product for the customers circumstances. The company is now more than 40 years old and many of the individuals within Norton...

BFE Financial Launches Generous New B-Credit Truck Financing Program

New program will allow for access to much-needed specialty and highway trucks for companies and owner-operators who would not qualify for standard loans, BFE Financial reports

Burlington, ON -- (ReleaseWire) -- 12/05/2014 -- BFE Financial announced the launch of a new B-credit commercial truck financing program for businesses and owner-operators. Aimed at individuals and companies with credit histories that do not meet standard financing requirements, the new program will afford greater flexibility and financial leverage to those in this situation. BFE Financial is a top provider of financing for specialty and commercial trucks, and works with both dealers and buyers to arrive at the most...

Consumer Reports tips to correct credit problems

A Consumer Reports survey finds close to half of Americans never check their credit reports to make sure theyre accurate. Errors can wreak havoc with your finances and take a long time to untangle.

Nathanial Lewis is hoping to move out of an apartment and purchase a home. Recently, when he went for help looking for a mortgage he discovered his credit report showed he had bad debt totaling more than $180,000.

When I saw what was on my credit report I was flabbergasted. About 80 percent of it wasnt mine, said Lewis.

The problem: another man with the same name whose records had gotten mixed up with Nathaniels.

A new Consumer Reports survey of 3,000 Americans found that...

Credit report gives man score that’s off the charts

See what that says right there, Hart says as he reads a printout from an Equifax credit check. Scores range from a low of 250 to a high of 900. Your score is zero.

Zero. Thats his credit score. An impossible number according to the printout from Equifax.

So when his fiancÃe, pregnant with their child, needed emergency surgery, Hart couldnt get a loan to help cover the cost. When the baby came she had her own costly medical problems.

And tomorrow Hart gets married. He had to borrow all the money from family.

Your family depends on you. If you make a child you should be able to raise that child, take care of it. Not having that cushion to fall back on—it hurts,...

Look Out for "Phantom Money" When Reviewing Your Credit Report

Its important to check your credit report for errors every now and then. Phantom money is one such error, and if you have a history of delinquent accounts, it can be easy one to overlook.

Bankrate explains that phantom money usually happens when an account goes to collections. When this happens, your original debt should drop to zero, and a new debt should show up with the collection agency. But it doesnt always work this smoothly. Sometimes, the original amount stays the same, and your report looks like you have two delinquent debts instead of one.

This can happen if you have a history of accounts going to collections. For that same reason, it can also be hard to keep...

Your credit report isn’t just for loans

We all know that our credit score can help determine loan eligibility and interest rates. After all, credit scores are an indicator of how well you handle debt. But if you're not in the market for a mortgage or a personal loan, it's easy to assume that you are not-so-hot, credit can't really hurt you.

The truth is that it's more than just lenders and banks that are checking credit reports and making decisions based on your credit history. Even if you have no plans for new debt, ignoring your credit score can hurt you.

Here are three surprising ways your credit report could be used against you:

o  Automobile insurance

While the practice is somewhat controversial,...

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